Tesla builds its one-millionth car

Earlier this afternoon, Tesla CEO Elon Musk put out a celebratory Twitter post claiming Tesla had just produced its one-millionth car.

Rolling off what looks to be the Nevada ‘gigafactory’ production line, the red Model Y marks not only the millionth car built by Tesla, but also places Tesla as the first-ever marque to produce one million electric cars.

Tesla’s global sales had totalled 807,954 as of October 2019, according to a report by Electrek.

Elon Musk’s post follows Tesla stocks falling 13.6 per cent (or US$95) to US$608 yesterday, something market analysts have put down to a combination of coronavirus pressures on its Chinese production and declining crude oil prices.

However, Tesla’s performance in the S&P yesterday is not necessarily indicative of overall consumer confidence in the brand.

Yesterday’s decline marks the lowest Tesla shares have fallen since 30th January 2020, however to put the values into perspective, the share price one year ago (on 8th March 2019) was only US$284.14 – marking a 214 per cent growth over the past year even with yesterday’s slump.

Tesla’s stock value climbed approximately 225 per cent from July 2019 to February 2020, reaching a peak of US$917.42 on February 19th 2020.